BITCOIN, Ripple, Ethereum and all other major cryptocurrencies are rising today as the market begins its recovery following an extended price slide.

The global cryptocurrency market surged in the past 24 hours - its market capitalisation rising a staggering $78.6billion from $310.2billion at 12.45pm yesterday to $388.8billion at the same time today (February 7).

The rise comes after a damaging month for cryptocurrencies as a whole.

After peaking at about $834billion on January 7, the market plunged an eye-watering 66 percent, wiping out some $553billion, according to CoinMarketCap.

But with Bitcoin, Ripple and Ethereum all back in the green today, many crypto experts are confident that the market can reach new heights this year.

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Thomas Glucksmann of GateCoin told CNBC: “Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market's rebound and push cryptocurrency prices to all new highs this year.”

He added that bitcoin, the biggest and best-known cryptocurrency, could be “pushing $50,000 by December”.

Bitcoin (BTC) fell as low as $6,048 on Tuesday - its worst price since November 13 - but a strong afternoon and overnight performance has seen it leap back well above the symbolic $8,000 mark today.

COINMARKETCAP

Cryptocurrency price chart: Cryptos have surged in value over the past 24 hours

Meanwhile, bitcoin’s closest rivals Ethereum and Ripple have also soared by nearly 25 percent and 20 percent respectively in the past 24 hours.

We believe after February the market will likely go on a bull run

Jamie Burke, CEO at Outlier Ventures

Jamie Burke, CEO at Outlier Ventures, is bullish about the cryptocurrency market, insisting it has the potential to reach $1trillion.

He told CNBC: “We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”

However, Fran Boait, from campaign group Positive Money, argues the crypto bubble has burst and will never fully recover its sky-high prices.